This invention relates to data processing systems and, more particularly, to on-line systems for processing of banking transactions.
There are many banking systems known in the art which operate in an off-line mode. Such systems typically include remote teller stations comprising data input devices for entering data representative of a desired transaction, a memory device for recording the transaction at the remote teller station and a display device for displaying data representative of the transaction. In the operation of such systems, a teller may initiate a transaction by entering appropriate data at the data input device, and data representative of the transaction is stored in the memory at the remote location. At a subsequent time, that teller station, along with other teller stations in the system, may be interrogated by a central computer in order to transfer records from the remote stations to the central computer where customer account records are maintained.
These prior art systems are subject to substantial practical limitations due to two factors. First, transactions using such systems are generally accomplished without reference to current customer account records, although in some systems, the teller may place a telephone call to the central bookkeeping office for current account information along with each transaction. Of course, in such systems there is a delay to the customer and a corresponding expense based on the teller time and telephone line costs. Alternatively, the teller at the remote station may rely on account balance data which is maintained at the remote station with relatively rare periodic updating. Accordingly, in the latter type systems, there is no positive protection of bank assets against insufficient funds to support a transaction.
The second factor is a shortcoming based on the inability to provide accurate customer verification. As a result, the banking systems in the prior art fail to provide positive protection of a bank's assets against fraud, stolen checks, lost passbooks or account run-up.
Accordingly, it is an object of the present invention to provide a banking system which operates in an on-line mode wherein each transaction is referenced to the customer's current account record.
It is another object of the present invention to provide an on-line banking system which provides accurate customer verification.
It is a further object of the present invention to provide an on-line banking system having positive protection of a bank draft against fraud, stolen checks, lost passbooks, account run-up and insufficient funds to support a transaction.